High Court Backs Homeowners' Right To Rescind Mortgages

Law360, New York (January 13, 2015, 10:25 AM EST) -- The U.S. Supreme Court on Tuesday ruled that borrowers merely need to notify creditors in writing of their intention to rescind their mortgages within three years under a key fair lending law, potentially making it easier for them to walk away from underwater homes.

The high court overturned a September 2013 Eighth Circuit ruling that the petitioners, Larry and Cheryle Jesinoski of Eagan, Minnesota, were required to sue Countrywide Home Loans Inc. to have their mortgage financing rescinded within three years of the transaction closing under the Truth In Lending Act. The Jesinoskis argued that TILA only stipulated that they provide notice...

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